Successful Entrepreneurs In South Africa And Their Roles Johannesburg

Many people have a lot of myths about what being an entrepreneur is and how it will shape/affect their life that are simply not true. Successful Entrepreneurs In South Africa And Their Roles in Johannesburg and these are the seven biggest myths that I continuously hear.

1. Being an Entrepreneur is too risky for me.

Starting your own business in these days is not too much more risky than trying for any other corporate job. At a corporate job you can be laid off at any time, Who Is A Successful Entrepreneur In South Africa have benefits cut with no reason, and work long overtime without being compensated for that. If you are student as well, the risk can’t be that bad. It’s not like you have a mortgage or family to support if it fails.

2. I am too young to start my own company

Being young is not a negative, in fact in most cases it’s a positive! When your young you have the passion energy and enthusiasm that is needed to work 14 hour days day in and day out for a company you believe in. Most older people with more experience just don’t want to do that any more.

3. I have no experience

Again, Successful Entrepreneurs In South Africa And Their Roles this can work towards your advantage. Your lack of experience means that you are looking at everything with a fresh set of eyes. You wont get stuck in the “we have always done it that way” kind of thinking that can stop other entrepreneurs. Running your own company will also build much more valuable experiences than a job flipping burgers will at your age.

4. It is not the right time for me to launch a business.

As a student you have a schedule that is completely flexible and large blocks of time between classes and on breaks to start a business. Campuses have tons of resources you can harness as well, Successful Entrepreneurs In South Africa And Their Roles so there really has never been a better time than now.

5. If I am running a business my grades will fall.

Running a business takes organization and discipline. If you are organized and disciplined in one area of your life it will probably pass over to the other areas of your life as well. Many student entrepreneurs I know actually report their grades increasing once they started a business.

6. Student businesses are just small rinky-dink operations

Some student business that started as just rinky-dink operations were Dell, Google, and Microsoft. You have probably heard of those companies right? That is because they were great ideas and hard work created products that had potential to expand from their small beginnings. Your business can too!

7. I don’t have any money! I can’t start a company

Everyone seems to think only millionaires start companies. This is simply not true. Most companies are started with the founders savings and no investment capital. Start with what you can and work hard. Things will come together if you want them to come together. You will be amazed at what you can do!

Successful Entrepreneurs In South Africa And Their Roles in Johannesburg?

Why should you consider refinancing real estate investments instead of selling them? Maybe you've owned a rental property for years, you've paid down the mortgage, the value is up, and you want to cash in on that equity. You will do better to refinance. Here's why.There are two problems with selling. First, selling means paying a large capital gains tax. You can avoid this if you reinvest through a 1031 exchange, but then the point is that you want your money, right? Second, you'll be giving up your inflation-indexed retirement plan. A good rental property generates more income as rents go up.Refinancing Real Estate Investments Is BetterIf you refinance, you can get much of your gain out of the property, without paying a penny in taxes. You see, borrowing money is not a taxable event. Take your loan proceeds and spend them however you want, and still keep your rentals. Doesn't that sound better than losing a big chunk of your equity to taxes?Now, let's look at an example. We'll suppose you have owned a small apartment building for several years. Let's say you bought it for $340,000, with a down payment of $80,000. Interest rates at the time were at 9.5%, giving you a payment of $2,106 monthly on the balance of $260,00 (30 year amortization). The property is now worth $560,000, and you owe $220,000. Your cash flow is around $2000/month. Now, how do you get at some of that equity? If you sell, you will give up the income, AND pay a big part of the profit in taxes. What happens if you refinance?If a bank will loan you 70% of the value, that would be $392,000. Pay off the first mortgage, and you are left with $172,000. You can spend it any way you want, and no taxes are due.It gets even better, especially when interest rates are low. If the new interest rate is 6.5%, your new payment will be $2295. In other words, you get $172,000 to spend any way you want, and you still have over $1,800 cash flow each month, from an inflation-indexed retirement plan.Here is an even better scenario: Spend $50,000 of the loan for high-return upgrades to the property, such as carports and a laundry room, and raise the rents. You could have $122,000 left over to spend any way you want, AND have higher cash flow than before! Isn't that sound better than selling your retirement plan? When you want that cash, consider refinancing real estate investments.ZZZZZZ

Myths About Entrepreneurs

Successful Entrepreneurs Are...

1. Visionaries

They see beyond obstacles. They focus on possibilities rather than dwelling on limitations.

We hear many stories of men and women who have created great enterprises from ideas others had rejected or said will never work. We are inspired the most by stories of those who succeeded against all odds. As an entrepreneur, you have the need to create, to start something that never was or to improve upon an exciting product or concept. To bring forth something new does not come without challenges.

Choose not to dwell on what you dont have (lack of money, time, support or other resources). Make a choice to focus on what needs to be done to manifest your idea and then make it happen! No more excuses! Stop blaming others, your circumstances or yourself for why things dont turn out as you thought they would. When we choose to focus on abundance rather than lack, we harness the power to create and attract what we need to achieve success. Those with sight see what is, but those with vision see what can be. What are the possibilities in your life, what are the possibilities for your business?

2. Strategists

They plan well, and execute effectively.

Sun Tzu, in his book, The Art of War he wrote, the art of war is a matter of life and death, a road to either safety or to ruin. The art of war is governed by five critical factors. These are the way, the weather, the terrain, the leadership and the discipline." Without a solid business strategy, you become, by default, reactive rather than proactive. Reactive businesses cannot grow into sustainable and competitive enterprises because there is no roadmap to do so. Sun Tzu's five critical factors apply to contemporary business strategy as much as they do to historical military operations. To drive your business using the art of strategy, it is essential to establish or clarify the overall vision and goals of the organization (the way); understand the operating environment facing the business (the terrain); develop objectives and specific strategies for the organization to address (the weather); ensure strong management to guide and motivate staff and to implement the strategies in a timely manner (the leadership); and develop a robust organizational structure, effective supply chain management and ensure that performance is monitored against the stated objectives (the discipline).1

Entrepreneurs often have great ideas, but in a zest to make it a reality, fail to plan properly. This failure to plan can sink even the best of ideas. Address the 5 critical factors as soon as possible by creating your strategic plan if you havent already done so. If you have already created your strategic plan, it doesnt hurt to give it the once over to ensure all the critical factors have been addressed.

3. Problem - Solvers

They see a problem as an opportunity for growth and strategically seek resolutions.

Are you solutions-oriented? How do you react when faced with a business problem? Problems are just opportunities for growth and development in disguise. Problems test you; they challenge you to change the way that you think. There are thousands, if not millions of great inventions born from perceived problems or accidents.

George de Mestral, a Swiss engineer, returned from a walk one day in 1948 and found some cockleburs clinging to his cloth jacket. When de Mestral loosened them, he examined one under his microscope. The cocklebur is a maze of thin strands with burrs (or hooks) on the ends that cling to fabrics or animal fur. By the accident of the cockleburs sticking to his jacket, George de Mestral recognized the potential for a practical new fastener. It took eight years to experiment, develop, and perfect the invention, which consists of two strips of nylon fabric. VELCRO, the name de Mestral gave his product, is the brand most people in the United States know. It is strong, easily separated, lightweight, durable, and washable, comes in a variety of colors, and wont jam.2

Learn from George. Begin to look forward to your next problem; if you look carefully enough, it may be a great blessing in disguise. What creative and/or strategic solutions can you come up with and implement?

4. Risk -Takers

They are not afraid to challenge the status quo nor, are they afraid to take the road less traveled.

The great people of this world are not the ones who did what had always been done, they are the ones who stood up and said, how I can do this differently? Great people are bold, they dare to dream, and they are courageous in their endeavors. Little people are timid; they are scared to dream and to avoid disappointment they refrain from great endeavors. It is better to try and risk not reaching the desired end, than never to try and never know what could have been. The level of success you may desire to achieve may not have been paved by any before you. You may not be only taking the road less traveled, but a road never traveled.

In order to succeed, sometimes you have to break the cycle of what everyone says is fact and believe in what you know to be true. Christopher Columbus knew the truth that the world was round even when the facts of his age said it was flat. What would have happened if Columbus accepted the norm and didnt challenge the status quo? This is not to say do not heed good advice, as a matter of fact it is wise to seek good counsel. But there are times when we have to make choices, small ones and big ones alike that are contrary to popular opinion. These are the times when you must separate the facts from the truth. The fact may be that you have a great business idea, but no money to get it off the ground; however, the truth is that you live surrounded by an abundance of all you need to get your business off the ground but you have to learn how to tap into it. This is where you must be creative, do something that you have never done before; boldly seek partnerships, mentors and coaches to help you. Are you afraid to take bold risks? Will you be content with playing it safe and spending the rest of your life wondering what could have been?

5. Servant-Leaders

They realize serving precedes leading.

A servant leader does not just focus on the bottom line but focuses on how she can be of service to others. A servant leadership model is an inverted pyramid in which the president of an organization is at the lowest point of the triangle and the customer is at the broadest edge as opposed to your traditional leader on top of the organization model.

Robert Greenleaf is credited with the term servant leader. In his book, Servant Leadership, Greenleaf noticed that the most successful managers led in a very different way - they led through service rather than through positional authority.

Resolve today that your leadership, as an entrepreneur, is not purely self- satisifying and profit motivating. Leadership is not about control and manipulation, as it is only in service that one becomes great. Resolve to be of service to your employees, shareholders, clients, suppliers and all those you come in contact with.

If you are interested in learning more about servant leadership many universities even community programs offer courses on the subject. It is a worthwhile investment.

6. Survivors

They don't quit. Instead, they fail forward to success.

Your first business venture may not work out as planned. Maybe neither will your second venture or third. It is important to know that because things dont always turn out as planned, it does not mean you are a failure. Your business may have failed, but you have not! Smart entrepreneurs learn from what didnt work instead of throwing in the towel all together. Robert Kiyosaki actually said in one of his books that, unlike employees entrepreneurs get paid to fail. What a strange statement, but it is true! Entrepreneurs learn something valuable every time things go awry. As humans we are programmed to learn by our mistakes more than our successes. Did you know how to ride a bike the first time you got on one? Could you use chopsticks as effortlessly as you can now? No! You learned from your mistakes and eventually, you got it right. By giving up, you throw away the opportunity to ever succeed. Every time you stumble or fall in your entrepreneurial undertakings, rejoice, as you are one step closer to success! You may have to change what you are doing slightly or dramatically but whatever you do, don't quit!